Can Fite BioPharma Ltd (CANF)

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Can-Fite Completes Development of an Assay to Identify Clinically Active Cannabis Derived Compounds

Business Wire Business Wire•July 20, 2020

Can-Fite Completes Development of an Assay to Identify Clinically Active Cannabis Derived Compounds
An in vitro biological assay that can ‘fish’ clinically active cannabis derived compounds with potential efficacy for the treatment of specific diseases
The assay will be marketed on a ‘fee for service’ basis to cannabis companies worldwide.

Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE:CFBI), a biotechnology company advancing a pipeline of proprietary small molecule drugs that address inflammatory, cancer and liver diseases, announced today it has completed the development of a biological cell-based in vitro assay which can identify clinically active cannabis derived compounds that bind to and activate the A3 adenosine receptor (A3AR), thus enabling the development of pharmaceuticals that use a specific cannabis derived compound to treat a variety of diseases. Numerous studies published in peer reviewed scientific journals demonstrate that cannabis derived compounds bind to the Gi protein-coupled A3AR, which is over-expressed in pathological cells and tissues.

As a global leader in discovering and developing drugs which target A3AR, Can-Fite is utilizing its platform technology to develop cannabis derived compounds for the treatment of unmet medical needs. Can-Fite has a strategic partnership with Univo Pharmaceuticals, a medical cannabis company.

In addition to using its assay in the development of its own cannabis derived compound-based therapeutics, Can-Fite plans to market the assay on a ‘fee for service’ basis to researchers and other cannabis companies worldwide.

"This new assay, combined with our unparalleled expertise in the development of therapeutics that target A3AR, enable Can-Fite to contribute to unlocking the vast potential of cannabis derived compounds for the effective treatment of specific diseases," stated Can-Fite CEO Dr. Pnina Fishman.

According to Adroit Market Research, the medical cannabis market is projected to grow at a CAGR of 29% to $56.7 billion by 2026.

https://finance.yahoo.com/news/fite-completes-development-assay-identify-110000233.html